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Description of AAR Standard Forms Updated August 2009 |
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AAR Brings You Standard Forms!
Below is a list of AAR’s forms accompanied by a short description. A sample of each of the forms can be found on AAR’s Web site, www.aaronline.com, search “forms”. Addendum - used to add additional terms to an existing contract or when there is not sufficient room on a purchase contract to include all the terms being offered. (Rev. 6/93) Additional Clause Addendum – – a compilation of the most commonly used contract clauses. Agents can print out this form, check the box next to the clause that applies and attach it to the purchase contract. (Rev. 02/07) Additional Compensation Agreement – used by an agent to disclose any additional compensation they may receive as a result of a transaction. (Rev. 05/05) Affidavit of Disclosure – Pursuant to A.R.S. §33-422, a seller of five or fewer parcels of land, other than subdivided land, in an unincorporated area of a county, and any subsequent seller of such a parcel, shall furnish a written affidavit of disclosure, in substantially the same form set forth in the statute, to the buyer at least seven days before the transfer of the property. (Rev. 2008) Appraisal Contingency Notice – if used with the Residential Resale Real Estate Purchase contract, this form allows the Buyer the opportunity to continue or not continue with the purchase of a home when the property fails to appraise for at least the purchase price. (Rev. 5/05) "AS IS" Addendum – used to describe what the buyer and seller agree to when the property is sold “As Is”. (Rev. 08/09) Assumption/Carryback Addendum – provides for financing in seller carrybacks and assumption transactions. (Rev. 05/00) Buyer-Broker Exclusive Employment Agreement - an agreement for the buyer and the broker/agent to sign that spells out the type of property the buyer is looking for and the form of compensation, if any, the agent is to receive from the buyer. Establishes an exclusive arrangement between the buyer and the agent, similar to an exclusive listing agreement between a seller and a broker/agent. (Rev. 6/03) Buyer Contingency Addendum - used when the Contract is contingent on the sale and closing of Buyer’s property. The Addendum has two options: one for the transaction in which Buyer’s property is listed for sale; but the Buyer has not yet entered into a contract for its sale, and another option for a transaction in which the Buyer has entered into a contract for the sale of the property, but the transaction has not yet closed. (Rev. 10/05) Commercial Real Estate Purchase Contract - used in commercial/industrial transactions, and includes provisions for financing. (Rev. 5/03) Commercial Seller's Property Disclosure Statement - Similar to the Residential SPDS, designated for use with commercial/industrial sales. (Rev. 02/08) Consent To Limited Representation - is signed by a specific buyer and a specific seller who are in a limited dual representation arrangement with a real estate agent/firm. This form is referenced in the Agency Disclosure and Election form and should not be used unless the property has been identified. (Rev. 12/02) Counter Offer - used to make counter offers to initial purchase offers. (Rev. 5/96) Cure Period Notice – used when a cure notice is required pursuant to the Residential Resale Real Estate Purchase or Vacant Land Purchase contract. (Rev. 2/09) Disclosure of Buyer Agency and Seller’s Waiver and Confirmation – designed for a Buyer Broker to present to a Seller who is represented by a limited service company. This disclosure will inform the Seller of the Buyer agent’s role in the transaction. (Rev. 8/05) Domestic Water Well Addendum – used to provide notice to the Buyer that the Buyer can expect to receive a Domestic Water Well/Use Addendum SPDS. Essentially, this language replaces language that used to be part of the Residential Purchase Contract. (Rev. 5/05) Domestic Water Well/Water Use Addendum Sellers Property Disclosure Statement – used in conjunction with the Seller's Property Disclosure Statement when property is served by a water well. (Rev. 3/02) H.O.A./Condominium/Planned Community Addendum – a disclosure to the buyer about what HOA information the Buyer should receive, by Arizona law, and the time frames in which the buyer has to reply. (Rev. 02/07) Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards (Sales) - used to meet requirements for lead-based paint disclosure for residential sales. (Rev. 02/09) Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards (Rentals) - used to meet requirements for lead-based paint disclosure for rental properties. (Rev. 02/09) Loan Status Report – used by either the buyer or the buyer’s lender to disclose to the seller the status of the buyer’s loan application. This form is available in fillable/print format. (Rev. 11/05) Loan Status Update – used to update all parties to a transaction of the status of the Buyer’s loan application. This form is available in fillable/print format. (Rev. 2/09) Market Conditions Advisory – this form was developed to advise that the price a buyer is willing to pay and the price a seller is willing to accept for a specific property rests solely with the individuals involved in the transaction. (08/09) Multiple Counter Offer – used when making counter offers to multiple parties. (Rev. 11/03) Onsite Wastewater Treatment Facility Addendum – a disclosure to the Buyer that an Onsite Wastewater Treatment Facility exists on the property and outlines what information and in what time frames the Buyer will receive from the Seller. (Rev. 10/06) Purchase Contract for New Home (With Lot) - used for the sale of newly constructed homes and the land. (Rev. 4/05) Real Estate Agency Disclosure and Election – used by agents with either buyers or sellers. It describes the different types of agency relationships (seller, buyer, limited dual) and offers a section for the seller or buyer to elect which type of relationship they would like to have with that agent. This form is not an employment agreement. For example, an employment agreement with a seller is a listing (which AAR does not have- local associations do); an employment agreement with the buyer could be the AAR Right to (Buyer-Broker Exclusive Employment Agreement). The same form should not be signed by both a buyer and a seller. (Rev. 02/09) Request for Loan Information - used for sellers to obtain necessary information from the lender to share with the buyer when the loan can be assumed by the buyer, and for the seller to determine proceeds from the transaction. This form is available to print for your use. (Rev. 4/91) Residential Buyer Inspection Notice and Seller’s Response - directly addresses the inspection period in the Residential Purchase Contract and provides for the buyer to respond to a home inspection whether it is to request repairs, waive the inspection, or to cancel the contract. This form also provides for the seller to respond to any requests from the buyer. (Rev. 8/07) Residential Income Property Addendum to Residential Seller’s Property Disclosure Statement (1-4 Units) - is an addendum to the Residential Seller’s Property Disclosure Statement to address disclosure issues in a transaction involving 1 to 4 units of income property. (Rev. 8/07) Residential Income Property Addendum to Residential Resale Real Estate Purchase Contract (1-4 Units) - an addendum to the contract in a transaction involving 1 to 4 units of income property. The Addendum requires the seller to complete an AAR Residential Income Property Addendum to the Residential Seller’s Property Disclosure Statement (8/07) and provide additional information. The Addendum also addressed the transfer of any domain name, signage, as well as rents, deposits, property managers, and registration of rental property with the county assessor. (Rev. 08/07) Residential Seller Property Disclosure Statement (SPDS) - for sellers to complete when offering their home for sale. The use of this form is not a legal requirement, but many firms require sellers listing with them to use it. This form provides for the sellers to disclose information about the condition of the property being offered for sale and should not be completed by the REALTOR®. (Rev. 02/08) Residential Resale Real Estate Purchase Contract - used for the sale of residential real property and includes provisions for financing information. (Rev. 5/05) Residential Lease Agreement - used by tenants and landlords to rent a residential dwelling. (Rev. 02/08) Seller H.O.A. Condominium/ Planned Community Information (less than 50 units) - enables a seller to more easily comply with law when selling a home in an HOA with less than 50 homes. Pursuant to A.R.S. §33-1806 and A.R.S. §33-1260 for planned communities or condos with fewer than fifty units, a seller is obligated to deliver to a buyer, within ten days after receipt of a written notice of a pending sale, all of the information and documentation listed in those statutes. (Rev. 07/05) Short Sale Addendum to Listing Contract - – an addendum to the listing agreement which addresses the information a seller should consider before entering into a short sale agreement. (Rev. 08/08) Short Sale Addendum to the Residential Resale Real Estate Purchase Contract - an addendum to the residential contract for use in a short sale transaction. The Short Sale Addendum provides that the Contract is contingent upon an agreement between the seller and the lender, acceptable to both, to sell the home to the buyer for less than the loan amount. (Rev. 08/08) Unfullfilled Loan Contingency Notice – a generic form used by a buyer to notify the proper parties of a residential resale real estate contract of an unfulfilled loan contingency. (Rev. 5/05) Unrepresented Seller Compensation Consent – an agreement for brokers/agents representing buyers who want to purchase a property from an unrepresented seller and/or when there isn’t a listing. This form provides for compensation for the seller to the buyer’s broker/agent. (Rev. 02/07) Vacant Land/Lot Purchase Contract - used for the sale of lots or large acreage. (Rev. 8/07) Vacant Land/Lot Seller’s Property Disclosure Statement - similar to the Residential SPDS, designed for use with land sales. (Rev. 8/07) Vacant Land/Lot Buyer’s Inspection Notice and Seller’s Response - used to directly address the inspection period in the Vacant Land/Lot Purchase Contract. This form is used by the buyer to respond to an inspection, to request repairs, waive the inspection, or to cancel the contract. The form also provides for the seller to respond to any requests from the buyer. (Rev. 8/07) Vacant Land/Lot Purchase Contract Addendum Regarding Subdivided or Unsubdivided Land - used when certain types of land parcels are being sold. Details about the use of this one page addendum can be found at www.aaronline.com (Rev. 8/07) Vacant Land/Lot Loan Status Report - used by either the buyer or the buyer’s lender to disclose to the seller the status of the buyer’s loan application. (Rev. 8/07) Spanish Translations of AAR Residential Forms - To be used as a companion piece to 9 AAR forms used in residential sales or leasing transactions. Not actual forms, but are literal translations and are sold singularly to give to your Spanish-speaking buyers to help them follow along as they complete AAR’s forms while buying or leasing a house. These forms are available for free. |
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